Embracing Depression-era policy and populist politics, a combative President Barack Obama chastised big Wall Street banks Thursday and urgently called for limits on their size and investments to stave off a new economic meltdown.
Investors responded by dumping bank stock.
Obama’s rhetoric covered the whole financial industry, but the key changes will affect only a few high-profile [...]
Archive for January, 2010
Obama hits Wall Street, pushes for bank limits
January 22nd, 2010 by Financial Writer
Tags: bank limit, bank stock, barack obama, economic meltdown, financial industry, investors, wall street
more...Ahead of the Bell: Leading economic indicators
January 21st, 2010 by Financial Writer
Analysts expect that a private forecast of U.S. economic activity rose at a slightly slower pace in December, signaling that the slow, bumpy recovery from the recession was likely to continue.
The Conference Board’s index of leading economic indicators likely rose 0.7 percent last month, according to Wall Street economists surveyed by Thomson Reuters. The index, [...]
Tags: economic indicators, economy recovery, real estate sector, recession, stock prices, unemployment, us economic
U.S. mortgage demand up for third week as rates drop
January 20th, 2010 by Financial Writer
Demand for U.S. home loans rose last week for the third straight week as mortgage rates fell to a one-month low and stoked refinancing, an industry group said on Wednesday.
Borrowers are rushing to take advantage of low borrowing costs and other incentives while they last.
The Mortgage Bankers Association’s index of total home loan applications rose [...]
Tags: borrowers, mortgage bankers association's, mortgage rates, us home loans, us mortgage
Intel outlook points to PC industry recovery
January 19th, 2010 by Financial Writer
Intel’s fourth-quarter earnings breezed past Wall Street’s expectations, and its rosy profit outlook for 2010 was another sign that a lasting recovery for the recession-battered personal computer market is under way.
As the first major technology company to report its results for the last quarter, Intel is seen as a barometer for the PC market and [...]
Tags: economy recovery, intel, pc industry, pc shipments, recession, wall street
Recession takes toll on university president pay
January 18th, 2010 by Financial Writer
The recession has reached the executive suites of the nation’s public universities and colleges, putting a stop to a string of large annual pay increases for school presidents.
A survey released Monday by the Chronicle of Higher Education showed compensation packages of chief executives at public schools leveling off in 2008-2009, rising a relatively modest 2.3 [...]
Tags: bonuses, charles grassley, higher education, recession, unemployment
Saudi billionaire eyes new links with News Corp.
January 17th, 2010 by Financial Writer
The Saudi billionaire whose investment firm is one of the biggest stakeholders in Rupert Murdoch’s News Corp. said he is looking to expand his alliances with the media giant, in the latest indication that his appetite for growth remains robust even as his company retrenches.
Prince Alwaleed bin Talal, a nephew of the Saudi king and [...]
Tags: investors, kingdom holding's, news corp., rupert murdoch's, saudi billionaire
Banks in Ill., Minn., Utah are shuttered
January 16th, 2010 by Financial Writer
Regulators shut down banks in Illinois, Minnesota and Utah on Friday, bringing to four the number of bank failures so far in 2010, following 140 closures last year amid the weak economy and mounting loan defaults.
The Federal Deposit Insurance Corp. took over Barnes Banking Co., based in Kaysville, Utah, with $827.8 million in assets and [...]
Tags: banks shuttered, fdic, financial institutions, illinois, minnesota, utah
How Wall Street boldly saved big exec bonuses
January 15th, 2010 by Financial Writer
The fat cats were supposed to get their comeuppance.
After Wall Street’s most prominent firms — by their own admission — helped cause the 2008 financial meltdown and got bailed out by the government, they were supposed to stop handing out million-dollar bonuses to their employees. No one was supposed to get seven- and eight-figure rewards, [...]
Tags: americans unemployed, bonuses, financial meltdown, great recession, wall street
P&G to sell directly to customers on Web site
January 14th, 2010 by Financial Writer
Procter & Gamble wouldn’t say whether the eStore’s prices will beat those in stores or on Web sites that also sell competitors’ products, like Amazon.com. But shipping initially will be at a flat rate of $5.
The maker of Tide detergent, Pampers diapers and Gillette shavers is taking hundreds of its popular consumer products directly to [...]
Tags: customers, p&g, procter & gamble, products maker, web businesses
Ahead of the Bell: Business Inventories
January 14th, 2010 by Financial Writer
Businesses, after slashing inventories for over a year, likely boosted stockpiles for a second-consecutive month in November. The hope is that businesses will begin restocking their depleted shelves, helping to support the economic recovery.
Economists surveyed by Thomson Reuters expected inventories to rise by 0.2 percent November. The Commerce Department will release the report at 10 [...]
Tags: business inventories, businesses, economic recovery, recession, stockpiles